Following this announcement, the partnership is expected to help Australian companies comply with the Consumer Data Right legislation, providing a technology platform that removes complexity and enables them to rapidly and securely deliver open APIs aligned to the latest version of the Australian Consumer Data Standard.
In addition, both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
ProductCloud represents an Australian-based fintech and cloud-based SaaS platform for mastering and integrating financial institution product information. Ozone API was developed in order to optimise the manner in which banks and FIs adapt and thrive in the new world of open data by delivering the needed technology to unlock the benefits of Open Finance.
With non-bank lenders now required to comply with these regulations, Ozone API and ProductCloud will offer a unique and safe combined proposition, which will enable relevant organisations to meet Open Banking regulations, quickly, and cost-effectively. At the same time, with ProductCloud, Ozone API will work with a partner with a deep knowledge of the Open Banking landscape in the region of Australia.
This initiative comes as the Australian Government recently announced a new series of changes to the Consumer Data Right (CDR), an opt-in service that was developed in order to empower clients to share their data securely, with full control and transparency over who it’s shared with and why. These latest updates aim to simplify requirements for accredited banks and financial institutions when checking or seeking consumers’ data for providers. The CDR framework aims to serve clients better, improving the overall consumer experience.
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